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2750 East Cottonwood Parkway #300
Cottonwood Heights, Utah 84121

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 10/20/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.


Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.


Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.


Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility. See additional details at https://www.sofi.com/legal/banking-rate-sheet.


SoFi Bank, N.A. NMLS #696891, Member FDIC

SoFi Lending Corp. NMLS #1121636

234 1st Street, San Francisco, CA 94105

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How can I redeem my reward points?

7 days ago · Updated

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You must have an active and eligible SoFi product to redeem your rewards points.

To redeem rewards points, please follow these steps:

  1. Log in to your account.
  2. Select the gem icon above your account details after you’re logged in.
  3. Select Choose an account or Book Travel.
  4. Select an active SoFi-product account or a new account you would like to open and follow the remaining steps to confirm your redemption.

Remember, you can redeem your rewards points in the following ways in relation to the following SoFi product(s):

  • Redeem rewards points as cash in a SoFi Checking and Savings account.
  • Redeem rewards points as cash in a SoFi Active and Automated Invest account.
    • NOTE: SoFi IRA accounts are not eligible to redeem rewards points.
  • Redeem rewards points directly into SoFiD in a SoFi Crypto account, with no fee or spread.
  • Redeem rewards points as an extra payment applied to a SoFi Personal Loan or SoFi Student Loan Refinance.
    • NOTE: Payments will be applied first to fees and charges (including late fees), then to accrued interest to the date payment is received, and then any remainder to the principal balance of your loan. If you have no outstanding fees, the extra payment will be applied to the principal balance. Rewards points redeemed for extra payments will not impact your monthly amount due.
  • Redeem rewards points as a statement credit on a SoFi Credit Card.

Learn more